OREANDA-NEWS. July 12, 2012. Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, announces that the global ratings agency Standard and Poor’s (“S&P”) has assigned its ‘BB’ long-term and ‘B’ short-term corporate credit ratings to EDC, with a positive outlook. The ratings are supported by EDC’s strong customer base including its longstanding relationship with its major customer, the Company’s healthy credit metrics, improving age of its assets and lower volatility in the oil field services industry in Russia than in the other global markets. S&P noted that their positive outlook reflects the possibility that they could raise EDC’s rating in the next 12 months if EDC can continue to increase its EBITDA, sustain healthy margins, and maintain a moderate financial policy.

Mr. W. Richard Anderson, EDC’s Chief Financial Officer, commented,

“We are very pleased that EDC was rated at ‘BB/B’ with a positive outlook by S&P which is a testament to EDC’s disciplined approach to financial management. We remain on track with our stated growth strategy and have a platform in place to continue to deliver value for our customers and shareholders.”